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Mortgage Protection Insurance
Payment Protection Insurance is an umbrella term for policies that can also be called Mortgage Protection Insurance.
These policies allow you to guarantee your financial needs when you are at home and not working. Mortgage Protection and Income Protection both make sure that you have a significant part of your income during financial crunch. In emergency situations, you can still be financially secured due to the money covered in the policy and you could receive up to 12 consecutive monthly payments of the amount of cover you have requested until you start your job again .
However, it is important that you get back to your job as you can only receive the payments for 12 months. After joining your job you have to work for 6 months at least before making a new claim. It is the safety net that will allow you to keep your home and your lifestyle while you are getting better or looking for work.
If you want to protect the money needed for paying back your mortgage then the Mortgage Protection Insurance is the suitable policy for you.